Company Registration No. 08334189 (England and Wales)
PORTSUN LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PORTSUN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PORTSUN LIMITED
Company Registration No. 08334189
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
100
30,100
Current assets
Debtors
3
373
473
Cash at bank and in hand
1,149,314
519,674
1,149,687
520,147
Creditors: amounts falling due within one year
4
(360)
(505)
Net current assets
1,149,327
519,642
Total assets less current liabilities
1,149,427
549,742
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
1,149,426
549,741
Total equity
1,149,427
549,742
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2018
C Murphy
Director
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Portsun Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2018
2017
£
£
Investments
100
30,100
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
2
Fixed asset investments
(Continued)
- 3 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017
30,100
Share reduction
(30,000)
At 31 March 2018
100
Carrying amount
At 31 March 2018
100
At 31 March 2017
30,100
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
373
473
4
Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
45
Other creditors
360
460
360
505
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
PORTSUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
6
Directors' benefits: credits, advances and guarantees
At the beginning of the year the director,
C Murphy
, owed £473
to the company. During the year no advance was made by the director. Repayment made by the director during the year totalled £100. At the balance sheet date the balance due from the director was £373
. This loan is to be paid in full before 31 December 2018.